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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	6/12/2002 12:42:35 AM
From: augieboo	of 99280

U.S. Bancorp Piper Jaffray under investigation MINNEAPOLIS (AP) -- U.S. Bancorp Piper Jaffray is a target of a multistate investigation of Wall Street securities firms and their analysts, said officials from the state of Washington. Securities regulators from 40 states want to know whether a dozen of the nation's biggest securities firms defrauded average investors with overly bullish recommendations for stocks that later lost most or all of their value. ADVERTISEMENT Critics claim analysts give companies favorable coverage because it helps their firm land lucrative investment-banking business and earn big bonuses. Piper Jaffray spokeswoman Erin Freeman confirmed the investigation by the state of Washington. The probe is an offshoot of New York Attorney General Eliot Spitzer's successful investigation of Merrill Lynch and Company. Spitzer uncovered e-mail that showed Merrill Lynch analysts privately disparaged companies that they touted to investors. Merrill Lynch agreed last month to pay a $100 million fine and to adopt policies to insulate analysts from investment banking, such as barring them from receiving bonuses for helping land investment-banking business. Spitzer's efforts pushed other regulators off the sidelines, including the Securities and Exchange Commission and the North American Securities Administrators Association, which put together the 40-state investigation. Washington drew the role of lead investigator of Piper Jaffray in that probe, according to Michael Stevenson, chief of enforcement for that state's Securities Division. Washington is working with regulators in Missouri, Iowa and New York, which is co-chairing the task force as well as pursuing its own investigation. Minneapolis-based Piper Jaffray has expanded from a regional power to a firm with national reach in recent years.

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